More Bankers Convicted….

[Frikki]

Today the Icelandic Supreme Court upheld the convictions of three executives and one owner of Kaupthing, an Icelandic bank that became one of the largest bank collapses in history. These are but four out of dozens of convictions that the Special Prosecutor for the 2008 economic collapse has secured.

http://www.bbc.co.uk/news/business-25349240

http://www.dailymail.co.uk/wires/reuters/article-2951094/Iceland-court-upholds-guilt-verdicts-collapsed-bank-case.html

How is it that Iceland has managed with relatively meager resources, only employing 150 or so investigators and prosecutors, has managed to shift through the debris of the collapse and send some of those responsible to jail, while larger powers with virtually limitless manpower don´t seem to be able to do much at all?

 

[funinspace]

Well their good news continues. Yeah, the banksters pretty much own our (US) regulators and political establishment...and the people have their bread and circuses...

 

[Axulus]

Today the Icelandic Supreme Court upheld the convictions of three executives and one owner of Kaupthing, an Icelandic bank that became one of the largest bank collapses in history. These are but four out of dozens of convictions that the Special Prosecutor for the 2008 economic collapse has secured.

http://www.bbc.co.uk/news/business-25349240

http://www.dailymail.co.uk/wires/reuters/article-2951094/Iceland-court-upholds-guilt-verdicts-collapsed-bank-case.html

How is it that Iceland has managed with relatively meager resources, only employing 150 or so investigators and prosecutors, has managed to shift through the debris of the collapse and send some of those responsible to jail, while larger powers with virtually limitless manpower don´t seem to be able to do much at all?

Because they were accused of very specific crimes: hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.

Making business decisions that end up being poor decisions in hindsight, or riskier than expected, in hindsight, so long as there is no specific law prohibiting such, is not illegal. Even if such decisions lead to the failure of the business.

When there are specific crimes committed and violations of laws, they have generally have been prosecuted.

In the three years since the crisis peaked in October 2008, the Justice Department has filed financial-fraud cases against 14,843 defendants, according to the letter to Mr. Grassley. Over that time, it said, more than 1,100 people have been sentenced to prison for mortgage fraud.

The letter names 17 CEOs and other senior corporate officers convicted of significant financial crimes.

http://www.wsj.com/articles/SB10001424052702303505504577401911741048088

 

[tupac chopra]

Because they were accused of very specific crimes: hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.

Making business decisions that end up being poor decisions in hindsight, or riskier than expected, in hindsight, so long as there is no specific law prohibiting such, is not illegal. Even if such decisions lead to the failure of the business.

When there are specific crimes committed and violations of laws, they have generally have been prosecuted.

Predator Nation: Corporate Criminals, Political Corruption, and the Hijacking of America

Predator Nation provides a roadmap for prosecution, systematically covering the banks involved, the names of culpable executives, the obvious crimes, the precise laws broken, and the evidence hiding in plain sight. No doubt it will be widely ignored by our legal officials.

 

[barbos]

Icelandic bankers were all amateurs, former fishermen and such. They did not know what they were doing, where to stop and how to cover their asses.

 

[Frikki]

Icelandic bankers were all amateurs, former fishermen and such. They did not know what they were doing, where to stop and how to cover their asses.

No.

- - - Updated - - -

Because they were accused of very specific crimes: hiding the fact that a Qatari investor bought a stake in the firm with money lent - illegally - by the bank itself.

Making business decisions that end up being poor decisions in hindsight, or riskier than expected, in hindsight, so long as there is no specific law prohibiting such, is not illegal. Even if such decisions lead to the failure of the business.

When there are specific crimes committed and violations of laws, they have generally have been prosecuted.

In the three years since the crisis peaked in October 2008, the Justice Department has filed financial-fraud cases against 14,843 defendants, according to the letter to Mr. Grassley. Over that time, it said, more than 1,100 people have been sentenced to prison for mortgage fraud.

The letter names 17 CEOs and other senior corporate officers convicted of significant financial crimes.

http://www.wsj.com/articles/SB10001424052702303505504577401911741048088

Why not set up a special unit to look specifically into the events surrounding the collapse in 08? You won't find anything if you don't look.

 

[Jason Harvestdancer]

If only the US had emulated the Icelandic example.

 

[barbos]

No.

No what?

 

[Frikki]

No.

No what?

They were not ex fishermen any more than American bankers are ex cowboys.

 

[NobleSavage]

This is purely emotional, so don't take it as logical. How would you feel about investment bankers getting put in the stocks so the rest of us could throw rotten fruit/veggies? I think I'd have a big bag of nasty tomatoes ready!

 

[barbos]

No what?

They were not ex fishermen any more than American bankers are ex cowboys.

Then who were they?

 

[Frikki]

They were not ex fishermen any more than American bankers are ex cowboys.

Then who were they?

They were bankers, educated lawyers, economists and business men just like their American counterparts.

- - - Updated - - -

This is purely emotional, so don't take it as logical. How would you feel about investment bankers getting put in the stocks so the rest of us could throw rotten fruit/veggies? I think I'd have a big bag of nasty tomatoes ready!

View attachment 2285

Prison, like for any other serious crime is good enough for me.

 

[barbos]

Then who were they?

They were bankers, educated lawyers, economists and business men just like their American counterparts.

That's bullshit, there had been no investement banks in Iceland before it all started.
These people were literally fishermen. I am not talking about management, I am talking about lower level monkeys. No offense but there were no (appropriate) economists either.
And businessmen were businessmen in .... fishery.
The whole country went crazy with the idea that Iceland could became London or NY.

 

[Frikki]

They were bankers, educated lawyers, economists and business men just like their American counterparts.

That's bullshit, there had been no investement banks in Iceland before it all started.
These people were literally fishermen. I am not talking about management, I am talking about lower level monkeys. No offense but there were no (appropriate) economists either.
And businessmen were businessmen in .... fishery.
The whole country went crazy with the idea that Iceland could became London or NY.

These people?

Here is one of those people. Sigurður Einarsson graduated as an economist from Copenhagen University in 1987 and acquired rights as a licensed broker in the European Economic Area in 1994. He previously worked Den Danske Bank and for the Iðnaðarbanki Íslands, until he moved to Íslandsbanki from 1988 to 1994. He taught at The University of Iceland 1993–97 and sat on the board of the Iceland Stock Exchange during the same period.

 

[Tom Sawyer]

Sounds busy. How'd he manage to fit that in around his fishing job? Doesn't he care about feeding his family?

 

[Frikki]

Sounds busy. How'd he manage to fit that in around his fishing job? Doesn't he care about feeding his family?

Yes we poor ignorant Icelanders just good for the fishin in our rowboats.

 

[barbos]

I remember watching TV around 2005 or something. There were former fishermen in banksting in Iceland.

Fact is, 300 thousands people "country" (I am being generous here) does not have enough assholes to run successful investment banksting operation.
You need a bigger country to find enough scam for such "business".

 

[Frikki]

I remember watching TV around 2005 or something. There were former fishermen in banksting in Iceland.

Fact is, 300 thousands peoples "country" (I am being generous here) does not have enough assholes to run successful investment banksting operation.
You need a bigger country to find enough scam for such "business".

Could we get back to the issue please, we know that you are compensating but this thread is not about that.

 

[barbos]

I remember watching TV around 2005 or something. There were former fishermen in banksting in Iceland.

Fact is, 300 thousands peoples "country" (I am being generous here) does not have enough assholes to run successful investment banksting operation.
You need a bigger country to find enough scam for such "business".

Could we get back to the issue please, we know that you are compensating but this thread is not about that.

I am trying to explain to you the difference between US banksting and what you had and why no bankster will really go to prison in US.

 

[Frikki]

Could we get back to the issue please, we know that you are compensating but this thread is not about that.

I am trying to explain to you the difference between US banksting and what you had and why no bankster will really go to prison in US.

SO in your world US bankers won´t go to prison because Icelanders were fishermen? That sure explains the S&l convictions in the 90s.